SPX Measured Move
Started by
EagleTrader
, Jun 04 2005 03:58 AM
6 replies to this topic
#1
EagleTrader
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Posted 04 June 2005 - 03:58 AM
May come down to 1185ish and retest before it is over
#2
SilentOne
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Posted 04 June 2005 - 05:18 PM
Playing with fibs, The early April decline to the lows could be the XA leg as depicted here. The fibs aren't a bad match. Any decent decline from here would confirm the reversal point and pattern.
I never did like the look of the decline off the March 7 top. It looks incomplete (thinking 3 waves down her at least - the old EW axiom.)
From Harmonic Trader:
"The structure of the Butterfly pattern was discovered by Bryce Gilmore. In my experience, I believe an Ideal Butterfly Pattern, which requires specific Fibonacci in the structure - including a mandatory 0.786 retracement of the XA leg as the B point - offers more precise Potential Reversal Zones (PRZ). Also, the Butterfly pattern must include an AB=CD pattern to be a valid signal. Frequently, the AB=CD pattern will possess an extended CD leg that is 1.27 or 1.618 of the AB leg. Although this is an important requirement for a valid trade signal, the most critical number in the pattern is the 1.27 XA leg. The XA calculation is usually complemented by an extreme (2.00, 2.24, 2.618) BC projection. These numbers create a specific Potential Reversal Zone (PRZ) that can yield powerful reversals, especially when the pattern is in all-time (new highs/new lows) price levels."
http://www.harmonict...atternsbfly.htm
cheers,
john
PS I'm short and with "He who Shall not be Named".
I never did like the look of the decline off the March 7 top. It looks incomplete (thinking 3 waves down her at least - the old EW axiom.)
From Harmonic Trader:
"The structure of the Butterfly pattern was discovered by Bryce Gilmore. In my experience, I believe an Ideal Butterfly Pattern, which requires specific Fibonacci in the structure - including a mandatory 0.786 retracement of the XA leg as the B point - offers more precise Potential Reversal Zones (PRZ). Also, the Butterfly pattern must include an AB=CD pattern to be a valid signal. Frequently, the AB=CD pattern will possess an extended CD leg that is 1.27 or 1.618 of the AB leg. Although this is an important requirement for a valid trade signal, the most critical number in the pattern is the 1.27 XA leg. The XA calculation is usually complemented by an extreme (2.00, 2.24, 2.618) BC projection. These numbers create a specific Potential Reversal Zone (PRZ) that can yield powerful reversals, especially when the pattern is in all-time (new highs/new lows) price levels."
http://www.harmonict...atternsbfly.htm
cheers,
john
PS I'm short and with "He who Shall not be Named".
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
#3
SilentOne
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Posted 04 June 2005 - 05:22 PM
And where is tsharp these days! I miss his chartwork. I bring up one of his from late April. Everything here is in 3 wave moves. We will not see a 5 wave move up, new high or not.
Fibs are very dominant in this pattern and it seems that is how tsharp derived most of his very accurate targets.
cheers,
john
Fibs are very dominant in this pattern and it seems that is how tsharp derived most of his very accurate targets.
cheers,
john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
#4
EagleTrader
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Posted 04 June 2005 - 08:49 PM
Playing with fibs, The early April decline to the lows could be the XA leg as depicted here. The fibs aren't a bad match. Any decent decline from here would confirm the reversal point and pattern.
I never did like the look of the decline off the March 7 top. It looks incomplete (thinking 3 waves down her at least - the old EW axiom.)
cheers,
john
PS I'm short and with "He who Shall not be Named".
Good thoughts.. Here you go... Notice the 0.786 and 1.272 numbers along with the previous Fib Markings...
#5
SilentOne
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Posted 05 June 2005 - 01:07 PM
There you go. Nice work Eagle. 
cheers,
john
cheers,
john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
#6
SilentOne
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Posted 07 June 2005 - 10:58 AM
Covered SPY short for a loss. eom
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
#7
EagleTrader
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Posted 08 June 2005 - 03:59 AM
May come down to 1185ish and retest before it is over
Well, it stayed up and hit a new rally high intra-day.. But the "?" on the chart is now a "red arrow"...
